These 3 Things Will 100% Happen When You Retire

A lot of people think about retirement as a financial transition. While it's obviously very important to know if you will have enough money to meet your needs in retirement, I think the bigger aspect of the transition is from the mental/psychological side. You are used to working 7-8 hours a day, and then all of a sudden that stops. In this video we'll go through a few things that you need to expect in your first year of retirement, so that you can be better prepared as you enter this stage in your life.

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TIMESTAMPS
0:00 - 2 Sides of Retirement
0:37 - 1. You'll Be Busy!
1:23 - 2. More Time For Family/Friends
3:10 - 3. You Need To Find Fulfillment
5:07 - Bonus: Retirement Income Is Weird

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DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.

The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.

[kimh]

You're right about the anxiety over the absence of the steady paycheque. Since my retirement in December, I have been following the trusted advice of retirement planners who assure me that 57% is what I need, and I keep a wary eye on our bank account. It stays steady, even with unforeseen expenses (our trees getting blown down) and foreseen expenses like our sons' marriages, and a trip across Quebec. The account bounces back up like those weighted standing toys that you punch. It's magic!

[mapleleafdavid]

I would just like to do stuff I enjoy doing. I can't wait to move on from a job I don't necessarily enjoy doing. Getting there is the challenge.

[cristinaxo]

Oh my goodness Madeline is absolutely adorable and so well spoken for such a young lady!! 👏👍

[noman]

Boy, you're not kidding! I've just at my one-month retirement hallmark and have asked myself more than once where the time goes! There were a LOT of things I put off when working (50+ hours/week) so I'm likely still in the honeymoon/catch up phase; a chunk of time has been invested in developing my hobbies and exploring "fulfillment" options. Oh, yeah -- and I do miss the paycheck.

[eyesuckle]

I appreciate the economy of your videos. There's no padding.

[mooncakes]

Wow! Madeline is so mature! Thanks Adam for great advice as always.

[dmd]

Your daughter is a natural in front of the camera !!! She is adorable ! Good idea to bring her! Future associate ??

[paulmcintosh]

Great job co-hosting Madeline! and as always, great advice dad! Love these weekly tune-ups! ;-)

[paulabeattie]

I have a financial plan and I have no idea where my income is coming from or where to take it from first. Definitely confusing.

[annhans]

We are retiring in feb of next year and my husband is worried about him working. I keep telling him we are good don't worry but he is still worried about being without a paycheck.

[jimbryce]

Love your videos, they have helped me prepare for my retirement. Since I came to Canada for the second time later in life I do not have a full Canadian pension or OAS. Perhaps a video for similar people that have a part pension from Canada and Germany would be beneficial for tax planning. I personally have turned 70 this year and purposely deferred my CPP until now to accrue more years. Luckily the German pension will help too. You can elect to have your German pension taxed in Germany at source which is better than allowing the CRA to tax you on this income. Since there is a large proportion of Immigrants that come to Canada that don’t enjoy a full CPP or OAS income that might be a good topic to deal with. I was surprised when I learned just how high this percentage is with CPP.

[FirstSuiGeneris]

The biggest thing I had to learn was a check once a month. Plus, how to shop for food. I know that sounds funny about food shopping. It's been over a year, and things seem to be getting easier. At first, I felt like I was floundering for months on end, until recently!

[frankalexander]

74 and still working as a medical director for a large health insurance company. 2021 gross income was $680, 000.00. Net worth well in 8 figures. Don’t have close friends and I don’t like my relatives. My “hobby” was being in the US Army but the Army booted me out when I reached 65 (MRD’ed). I feel accomplished each day and I don’t feel the “sting” of inflation (unlike my colleagues who are retired and living on a fixed income!).

[normbond]

If you go back on several years of your taxes & divide the tax you paid by your Gross Income by % you can get really close to what tax you may need deducted into retirement. Use several years of various Gross Incomes, not Net or Taxable Income as a guide. I keep an XL spread sheet ongoing & monthly add the income & tax withheld to make sure I stay inline so no surprises at tax time. After a couple of years you can get really good at estimating your income taxes so the government doesn’t force you to send in a monthly amount.

[garth]

If you work part time and are on a pension as well, make sure you ask your employer to take off more taxes. I never thought about that and as Adam said you will be surprised at tax time.

I've never had to pay additional taxes until last year..not a nice surprise to get.

[琳枫玉树-钱姐]

I am planning to retire in a couple of months. I will do some volunteer work which I wanted to do.

[James_]

I have seen both sides of too busy in retirement and too bored. From what I’ve seen, I’d much rather be too busy, and that’s the plan.

[robertross]

Good idea to have a plan. It looks as though you are based in Ontario. Do you have clients in BC?

[agully]

Decisions, Decisions
Retiring in a year and here is what we have to deal with:
Paycheque stops at 61
DB pension #1 starts at 61
DB pension #2 starts at 65
DB pension #3 starts at 65
RRSP to RRIF wife's starts at 60 ends at 67
RRSP TO RRIF husbands starts at 68
CPP wife's start at 67-69
CPP husbands start at 67-69
OAS wife's to start at 65-67
OAS husbands to start at 68-70
TFSA wife's start at ?
TFSA husbands start at ?
Non registered funds start at ?
Defined contribution funds start at ?
Hoping to keep everything above at 66% of our gross annual pay cheques.
62% to 64% are truly our goal posts for our gross combined annual retirement income, (our birth years)
So if your retirement looks like mine, start having a plan.

You don't want to be caught in this statement below:
Failing to plan or planning to fail

[maryjoan]

Super cute...and realistic..it's not all about the 💸.. Cheers